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S&P affirms Kinder Morgan Energy
Standard & Poor's said it affirmed the BBB rating to Kinder Morgan Energy Partners LP's (BBB/stable/A-2) senior unsecured notes following the proposed $375 million add-on to its $600 million notes due 2018 and proposed $325 million add-on to its $850 million notes due 2038.
The outlook is stable.
Proceeds will be used to fund capital expenditure and repay or refinance debt.
The rating reflects the company's satisfactory business risk profile, which is partly offset by its intermediate financial policy, S&P said.
Ratings also represent links between the issuer and its lower-rated parent Knight Inc., formerly known as Kinder Morgan Inc., (BB/stable).
The issuer has a debt-to-EBITDA of slightly more than 4 times.
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